兆易创新 20250709 摘要 兆易创新二季度经营状况良好，Flash 产品线预计同比增长约 5%，MCU 产品线预计同比增长约 10%，利基 DRAM 受益于现货价格 上涨，同比预期增幅约为 20%。 三季度存储市场增长动力将由工业领域接替，包括工控、数字能源、安 防等，其中工控具有季节性，数字能源库存调整正常，安防领域头部客 户恢复正常提货节奏。 DRAM 业务毛利率显著提升，一季度综合毛利率为小个位数，五月份已 达 20%以上，全年预估综合毛利率可达 15%-20%。 2025 年 DRAM 营收占比预计达到 20%，其中 D4 产品成为主要增长点， 营收占比已达 60%左右，预计第三季度价格还会继续上涨。 DDR4 市场因大厂退出导致供不应求，缺口约 40%-50%，刚性需求如 信创项目、PC 条子等确保其价格维持较高水平，预计下半年存储市场价 格将持续增长。 赵毅赴港上市旨在加码研发投入，支持 AI 战略和全球化战略，重点布局 服务器、AI 服务器、Flash 存储及 MCU 研发，并在东南亚开发封测厂。 定制化存储业务瞄准高端市场，通过 Hyperbonding 堆叠技术提升带宽 和容量，预计 ...

Core Insights - NXP Semiconductors, one of the largest automotive chip suppliers globally, has demonstrated its commitment and achievements in the Chinese market during its 2025 Automotive Leadership Media Day event [2][3]. Group 1: Company Overview - NXP was originally part of Philips Semiconductor, established in 1953, and became an independent entity in 2006, going public in 2010 [1]. - The company is known for producing microcontroller (MCU) chips and various sensor chips, primarily used in automotive, industrial, and IoT applications [1]. Group 2: Financial Performance - In 2024, NXP's global revenue reached $12.614 billion, with the Chinese market contributing 36% of total sales, significantly higher than the Americas (14%), Europe, Middle East, and Africa (22%), and other Asian regions (28%) [3]. Group 3: Local Operations and Workforce - NXP has been operating in China since 1986, employing over 6,000 people across 14 cities, with 6 R&D centers and more than 1,600 engineers [5]. - The establishment of the China Division in January 2025 aims to integrate sales, R&D, operations, quality, and technical support to better meet the evolving needs of Chinese customers [5]. Group 4: Product Development - NXP has launched new products tailored for the Chinese market, including the S32K5 series automotive MCUs and the S32R47 radar processor, which supports L2+ to L4 level autonomous driving [5]. - The company introduced the BMx7318/7518 series IC products designed for high-voltage battery management systems in electric vehicles and industrial energy storage systems, developed in response to local customer needs [6]. Group 5: Supply Chain and Partnerships - NXP is enhancing its local supply chain by strengthening partnerships with local manufacturers, including a significant packaging and testing facility in Tianjin and collaborations with TSMC and SMIC [9]. - The company announced new collaborations with Chinese automakers such as Geely, Leap Motor, Changan Deep Blue, and Great Wall, focusing on joint innovation labs and projects in areas like ADAS and electric vehicle architecture [9][10].

Core Viewpoint - The article focuses on the disassembly and analysis of the headlight driver module of the Xiaomi SU7, highlighting its advanced technology and components that differentiate it from traditional fuel vehicles [5][16]. Summary by Sections Overview of the Headlight Driver Module - The headlight driver module is described as the "brain" of the lighting system, essential for high-precision light control, dynamic lighting, communication, and energy management in automotive applications [5]. Disassembly Insights - The disassembly process of the SU7 headlight driver module was challenging due to the extensive use of adhesive between the bottom shell and the metal front cover, requiring significant effort to extract the driver board [7]. Component Analysis - The core controller is an Infineon automotive-grade MCU (CYT2B75CADQ0AZEGS) based on the Arm Cortex-M4 architecture, responsible for lighting logic operations, PWM waveform generation, fault diagnosis, and communication protocol stack execution [11]. - Two CAN bus controllers from NXP are included for communication redundancy, with one supporting CAN FD for high bandwidth lighting command transmission [11]. - The module features a linear voltage regulator from MPS (MP2019) that can handle 12V vehicle transient fluctuations and minimizes standby power consumption [12]. - An ON Semiconductor micro-stepping motor driver (NCV70517) is utilized for adaptive front lighting system (AFS) functionality, typically found in mid to high-end traditional fuel vehicles [13]. - A voltage follower from ROHM (BD42530) ensures dynamic voltage tracking for the light group, maintaining brightness control accuracy [14]. - The main LED driver system is powered by Texas Instruments chips, with a dual-channel constant voltage LED driver (TPS92682Q) and three synchronous buck LED drivers (TPS92520Q) for auxiliary lighting [14][15]. Conclusion on Component Selection - The analysis reveals that the Xiaomi SU7 headlight driver module employs a mix of high-performance international components and some local suppliers, indicating a strategy for supply chain diversification and reliability [16].

作为国内BLDC电机驱动控制芯片领域的头部企业，峰岹科技2024年营业收入为6亿元，同比增长45.94%；归母净利润为2.22亿元，同比增长27.18%；扣非 归母净利润为1.88亿元。同比增长59.17%。 峰岹科技的主营业务收入主要来源于电机主控芯片MCU、ASIC及电机驱动芯片HVIC三大产品线。2024年，电机主控芯片MCU实现收入3.85亿元，同比增 长39.97%，占总营收的64.17%，仍是公司业绩的核心支柱；电机主控芯片ASIC收入达8474.76万元，同比大增75.63%，占比提升至14.14%，成为增长最快的 业务板块；电机驱动芯片HVIC收入8426.78万元，同比增长26.92%，占比14.06%，保持稳定增长。 作为技术驱动型企业，峰岹科技高度重视研发创新。2024年，公司研发投入达1.17亿元，同比增长37.86%，占营收比重达19.44%。高强度的研发投入助力公 司在工业自动化、智能家居、汽车电子等新兴领域取得突破，进一步拓宽市场应用场景，增强长期竞争力。 7月9日，深圳电机驱动控制芯片设计公司峰岹科技正式在港交所主板敲钟上市。其发行价为120.5港元/股，截至发稿前，其股价为1 ...

7 July 2025 | 3:27PM HKT Hua Hong (1347.HK): Mgmt. Call: Full UT rate to support pricing trend; GM improvements ahead despite D&A burdens; Neutral We hosted Hua Hong management on July 7 in our China Semis Corp Call series (July 7 - 10). Key discussions were around pricing strategies, UT rates, the company's capacity expansion plans and outlook on margin levels. Overall, Hua Hong remains positive on their operations, with UT rates of its major fabs at 100% or above, supported by a strong demand across power ...

半导体供应链自主可控加速，设备和材料厂商二季度签单与业绩增长显 著，存储、模拟、MCU 等领域持续回暖，SoC 公司业绩指引强劲，反 映需求端旺盛。 6 月全球半导体股票表现优异，深万指数领涨，手机、PC、可穿戴设备 需求稳定，小米 AI 眼镜市场反响良好，服务器需求持续增长，新华为营 收同环比均增长。 汽车市场平稳增长，小米新车销量超预期，手机链库存稳定，PC 库存调 整空间收窄，功率半导体厂商库存逐步好转，台积电维持资本开支，中 芯国际和华虹扩产稳步进行。 DDR4 价格快速上涨后动能减弱，部分型号与 DDR5 倒挂，推动 DDR5 应用，4 月全球半导体销售额同比增长超 20%，中国和美洲地区增长较 快。 国产 GPU 厂商如沐曦、摩尔线程取得进展，龙芯发布全自主服务器 CPU，瑞芯微和乐鑫业绩稳健，MCU 市场多领域恢复，二季度后下游需 求温和复苏。 Q&A 半导体行业：代工设备材料等板块自主可控提速，存储 SoC 等领域持续复苏 20250708 摘要 请您介绍一下半导体行业在二季度的整体表现及未来预期。 二季度以来，国内半导体芯片制造领域尤其是代工和算力芯片方面，尽管受到 美国出口管制的持续高压态 ...

Core Viewpoint - Fengcai Technology (688279.SH), a BLDC motor driver control chip design company, has successfully completed its A+H listing, with H shares priced at HKD 120.5, set to begin trading on July 9, 2024 [1][3]. Group 1: Listing Details - Fengcai Technology announced its plan for a secondary listing in Hong Kong in December 2024, aiming to enhance its global brand recognition and competitiveness [2]. - The company submitted its application for the H share issuance to the Hong Kong Stock Exchange on January 15, 2025 [2]. - The total number of H shares for global offering is 16.2995 million, with 1.63 million shares allocated for public offering in Hong Kong [3]. Group 2: Financial Performance - In 2024, Fengcai Technology achieved a revenue of CNY 600 million, representing a year-on-year growth of 45.94%, and a net profit of CNY 222 million, up 27.18% [6]. - The company reported a significant increase in its net profit after deducting non-recurring items, reaching CNY 188 million, a growth of 59.17% [6]. - The revenue from overseas markets reached CNY 37.1308 million in 2024, marking a 125.19% increase year-on-year [5]. Group 3: Investment and R&D Strategy - The company plans to allocate approximately 34% of the net proceeds from the H share issuance to enhance R&D and innovation capabilities [5]. - In 2024, Fengcai Technology's R&D investment amounted to CNY 117 million, a year-on-year increase of 37.86%, accounting for 19.44% of its revenue [6]. - The company aims to become a leading global supplier of motor driver control chips and systems, with ongoing efforts to expand its product offerings and applications in various sectors [5].

Key Takeaways NVTS and BrightLoop will pair SiC tech with fuel-cell systems for heavy-duty transport applications. NVTS joined NVIDIA to boost power efficiency in AI data centers with GaNFast and GeneSiC technologies. NVTS partnered with GigaDevice and Great Wall Power to develop smart, high-density power solutions.Navitas Semiconductor (NVTS) is actively forging strategic collaborations and partnerships across the power electronics ecosystem, accelerating the adoption of its gallium nitride (GaN) and sil ...

产能稳健增长，先导产业驱动工艺节点不断迭代：根据公司的投资者活动纪要，公司大约每年增加5 万 片12 寸产能，产能保持稳健的增长态势，同时，公司年报指出先导产业对逻辑运算类芯片的需求增长 迅速，从芯片设计、晶圆代工到封测技术要求均极高，海外公司形成了产业壁垒，当前国内的运算类上 市公司的规模与海外大厂依然存在较大的差距，先导产业有望驱动工艺节点不断迭代。 投资建议：公司作为中国大陆晶圆代工龙头，制程国内领先，产能扩张有序进行，显著受益"在地化"制 造趋势。我们预计公司2025-2027 年营收分别为675.03/774.08/901.80 亿元，归母净利润分别为 50.70/60.75/70.92 亿元。维持"强烈推荐"评级。 "在地化"转换持续加强，晶圆代工需求回流本土：根据TrendForce 相关数据统计，25Q1 联电市占率为 4.7%，而21Q1 联电市占率为7%，中芯国际的市占率则从21Q1 的5%提升至25Q1 的6%，从制程节点看 联电主要以成熟制程为主，40nm 及以下制程合计占比53%（其中，22/28nm 营收占比为37%，40nm 占 比16%），从稼动率维度看，联电25Q1 的产能利 ...

以下文章来源于芯东西 ，作者ZeR0 芯东西 . 芯东西专注报道芯片、半导体产业创新，尤其是以芯片设计创新引领的计算新革命和国产替代浪潮；我 们是一群追"芯"人，带你一起遨游"芯"辰大海。 芯片超人 组织的 德国商务考察活动 正在招募！ 9 月 4 日至 9 月 14 日 ， 实地走访德国五个城市，重点聚焦 全球两大顶级展会 ， 带大家一起走进欧洲电子产业最前沿！ 点击上图查看活动详情，或联系客服咨询：ICSuperman88。 作者 | ZeR0 来源 | 芯东西（ID：aichip001） 芯东西7月2日报道，7月1日，深圳平台型MCU龙头企业 国民技术 港交所IPO申请获受理。 国民技术成立于2000年，2010年4月在A股深交所创业板上市，是创业板上市的 首家 集成电路 设计公司，最新市值超过 140亿元 。 据灼识咨询的资料，按2024年收入计，国民技术在全球平台型MCU市场中，在中国企业中名列 前 五 。 | 排名 | 公司 | 2024年MCU收入,十億人民幣 | | --- | --- | --- | | 1 . . . | 公司A | ~1.7 | | 2 . . . | 公司B | ~1. ...